I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Weymouth. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Weymouth are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Weymouth in which case you should be looking for a Weymouth conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Weymouth which have about forty five years left on the leases. Will this present a problem?

There are plenty of short leases in Weymouth. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

What are your top tips when it comes to finding a Weymouth conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Weymouth conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Weymouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• Can they put you in touch with client in Weymouth who can give a testimonial?

What are the charges for lease extension conveyancing?

All being well we will complete the sale of our £250000 flat in Weymouth in just under a week. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Weymouth?

For the majority of leasehold sales in Weymouth conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Weymouth
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Weymouth leasehold premises is £350. For Weymouth conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

What are the frequently found problems that you encounter in leases for Weymouth properties?

Leasehold conveyancing in Weymouth is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

Weymouth Conveyancing for Leasehold Flats - A selection of Queries before buying

Its a good idea to discover as much as possible regarding the managing agents as they will either make living at the property much simpler or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the common parts. Ask other tenants what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and precisely what you get for your money. It is important to be aware if a new roof is being put on or some other major work is pending that will be shared between the tenants and could well dramatically increase the the maintenance charges or result in a specific payment. Does the lease have onerous restrictions?

Other Topics

Lease Extensions in Weymouth